Pier 40 to have residential development, cinema?

May 03, 2012 03:00PM

Pier 40 could be home to a new 600,000-square-foot housing development. The Villager reported that a new study focused on the best ways to enhance the economic outlook for the cash-strapped Hudson River Park proposes housing on the pier as a way to bring in some income and save the now-decaying pier.

Other scenarios for the pier include erecting a cinema, a Cirque du Soleil venue and a retail store on the pier, located just off West Houston Street.

A task force tapped to review the study favors a combination of residences and a hotel for the pier, the Villager said. The combination would be the most profitable in terms of rent, the Villager reported, and would leave 70 percent of the pier open for public sporting use.

As previously reported, the Hudson River Park Trust is currently working to secure bond power from state legislators. The Hudson River Park project is now 14 years old, 70 percent complete and in need of $200 million to finish its development. [The Villager]